A widely followed crypto trader expresses positive attitude towards Bitcoin (BTC) alternative Litecoin (LTC).
Crypto strategist Justin Bennett says his 111,800 Twitter followers that he is bullish on Litecoin and expects the 14th largest crypto asset by market cap to even surpass the king crypto.
According to the analyst, LTC is likely to continue holding between a low of around $30 as support and $465 as resistance zone into 2023, a pattern it showed in 2022.
“I’m bullish on LTC in the short term, especially against BTC, but there’s no reason to think we won’t see this play out again in 2023.”
Litecoin is trading at $76.81 at the time of writing, while Bitcoin is changing hands at $16,994. The Litecoin/Bitcoin (LTC/BTC) pair is up nearly 70% over the past 30 days and up more than 20% over the past two weeks.
Turning to Ethereum (ETH), the cryptoanalyst says that the second largest digital asset by market capitalization is likely to fall after reaching local highs, mirroring the price action last month.
“I mentioned this to members yesterday, but ETH has formed a similar pattern to what we saw at the end of November.
Run the local highs to catch longs and reverse.”
Based on his Ethereum charts, the cryptoanalyst seems to suggest that the leading smart contract platform is on course to reach the local high of around $1,320 before falling back to the $1,240 price.
Ethereum is trading at $1,282 at the time of writing.
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